Adios Austerity! E.U. Admits Right Wing Policy Of Punishing The Poor Has Failed

[Galraedia]

To the surprise of exactly no one to the Left of Grover Norquist, austerity as a sole remedy to recession has utterly failed. It’s not exactly an untested theory. We tried it here almost a century ago and it dropped us right into the Great Depression. That didn’t stop various countries in the European Union from trying it anyway. Two years later and the E.U. is still languishing behind even the United States’ anemic recovery.

The New York Times reports:

Output in both the euro zone and the European Union is still around 2 percent lower than before the crisis.


The Spanish and British economies are still almost 4 percent short of their pre-crisis peaks, the Italian one nearly 5 percent, and the Greek and Irish economies 10 percent to 15 percent, Mr. Tilford added.

Contrary to Republican talking points, President Obama has pulled us out of a massive recession over the last three years by initiating a wage freeze on federal workers and cuts in government spending in some areas (austerity) and boosting the economy with targeted spending in others and tax cuts (stimulus). Strangely, it seems to be working. Albeit slowly.

Read more: http://www.addictinginfo.org/2012/01/31/adios-austerity-e-u-admits-right-wing-policy-of-punishing-the-poor-has-failed-video/

[Sherman A1]

1. Hopefully this will

finally sink in with the GOP, but that perhaps is wishful thinking.

[katsy]

2. Unfortunately, facts and the GOP don't mix.

They are not capable of critical thinking.

The gop and their minions have an agenda that is rooted in primitive emotions.

Facts are useless unless supportive of their corruption, bigotry, selfishness, religious insanity, sexism and authoritarian tendencies. Did I leave anything out?

The fact that austerity doesn't work doesn't fit into their selfish ignorant cruel worldview.

[Ebadlun]

3. I never thought I'd see the US to the left of Europe

Except on a map, obviously.

But you're lucky to have had even a weak stimulus, instead of a load of pampered toffs sacking a good chunk of the public sector, slashing benefits and then wondering where all the demand suddenly went.

McCain probably would have done something similar - you dodged a bullet there.

[xchrom]

4. Actions speak louder than words.

Austrian/german schooled technocrats both here & there still drive the bus.

[girl gone mad]

5. Unfortunately, Obama spent the last 2 years pushing austerity at home.

Outside of the payroll tax cut, there has been little in the way of stimulus. He relied too heavily on monetary solutions (QE and ZIRP). Ignoring unemployment and focusing on the deficit was a major, major error and speaks to a basic lack of economic understanding within the administration.

[socialist_n_TN]

6. That's because ALL of the "economists" whether they serve

in Republican OR Democratic administrations are Freidmanistas who believe "Supply Side" along with the "Invisible Hand of the Market" is a religion. Of course like all religions. it's bullshit, but try convincing a believer that it's bullshit. Fact don't matter if they contradict faith.